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By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Duss (10) Suron Ki Sunoge, Toh Sahi Kaise Chunoge?”

Dussehra may have passed a few days ago, but its lessons remain relevant throughout the year. The festival celebrates Lord Ram’s triumph over Ravana, who is famously depicted with ten heads. In the world of personal finance, these “ten heads” can symbolize the overwhelming number of opinions and advice people receive when managing their money. If you listen to every voice and follow every trend, you will struggle to identify the right path for yourself. Learn Personal Finance: Knowledge is...

Duss (10) Suron Ki Sunoge, Toh Sahi Kaise Chunoge?”

Dussehra may have passed a few days ago, but its lessons remain relevant throughout the year. The festival celebrates Lord Ram’s triumph over Ravana, who is famously depicted with ten heads. In the world of personal finance, these “ten heads” can symbolize the overwhelming number of opinions and advice people receive when managing their money. If you listen to every voice and follow every trend, you will struggle to identify the right path for yourself. Learn Personal Finance: Knowledge is Power In today’s fast-paced world, financial advice is everywhere - friends, family, colleagues, social media influencers, and unsolicited internet tips. Not all of it will be relevant to your unique financial situation. To navigate through the noise, it is important to take control of your financial education. Start by understanding key financial concepts like risk, return, liquidity, and time horizon for different investment products. Risk refers to the potential loss you might face with an investment. Return is the profit you can expect to earn. Liquidity indicates how easily an asset can be converted into cash. Time horizon is how long you plan to invest before needing to access the funds. Learning these basics will help you evaluate which products actually suit your goals and needs. By educating yourself, you will develop a critical eye that helps you distinguish between helpful advice and distracting noise. Whenever you analyse any instrument, all four criteria (risk, return, liquidity, time horizon) must be considered together and aligned with your financial goals - such as children’s education, marriage, buying a home, vacations, cars, or retirement. Having a foundational understanding of these concepts ensures that you do not fall prey to quick-fix schemes or misleading suggestions that often sound attractive in the short run but prove damaging over the long term. Have a Financial Advisor: Like a Family Doctor for Your Finances As you educate yourself, you will eventually realise that managing your finances can be challenging. This is where having a reliable financial advisor, much like a trusted family doctor, plays a crucial role. Wealth creation is a marathon, not a sprint. While basic financial knowledge helps you understand the dos and don'ts, a financial advisor handholds you throughout the journey, guiding you towards your financial destination. A financial advisor tailors their guidance based on your unique profile - your income, savings, risk tolerance, and future financial goals. A good advisor helps you stay focused on long-term objectives while steering you away from emotional or impulsive decisions. Hence, it is important to have a well-qualified, full-time financial advisor. The Dussehra Reminder The message remains: do not listen to ten heads. Choose wisely, stay informed, and have a trusted financial guide by your side. After all, it takes years of education, experience, expertise, and wisdom to write a prescription - so do not self-medicate when it comes to your wealth! (The writer is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

Plain Speak

Correspondent
Nov 1, 2024
2 min read

“These state elections are taking place in a particular political backdrop. The BJP’s senior leadership had toppled the MVA government by engineering a split in the Shiv Sena. This entire move had a ‘rajmanyata’ (endorsement from top leadership ). It was not done at Mumbai level by two or three people. There was meticulous planning as the BJP’s entire machinery was after it. It was like a military operation where MLAs were given security, chartered planes.”

Prithviraj Chavan, Leader, Congress


“We formed the (MVA) government and in that government, gave representation to two of our colleagues from the district. One was from Ambegaon and the other was from Baramati (referring to Walse Patil and Ajit Pawar). They got the power they desired. It is not that they had not got the power earlier but the move to break the party to obtain power was not appropriate.”

Sharad Pawar, President, NC (SP)


“One can understand the frame of mind of a person whose son is contesting an election. Someone who once said the BJP should be driven out of Maharashtra and Amit Shah and Narendra Modi should not be allowed to enter the state is now singing praises of the BJP. Raj Thackeray knows that Maharashtra will have the Chief Minister from the Maharashtra Vikas Aghadi.”

Sanjay Raut, Leader, Shiv Sena (UBT)


“There was no breach of secrecy in showing the file to Ajit Pawar. The contents of the file can be accessed by filing an application under the Right to Information Act. It is also true that approval for the inquiry against Ajit Pawar was given when the Congress and (undivided) Nationalist Congress Party were in power.”

Devendra Fadnavis, Deputy Chief Minister

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